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Originally Posted by iheartthed
If you're spending tens of millions of dollars on Manhattan condos or Vail ski houses, obtaining a U.S. visa is probably not an issue. There is a visa specifically for foreign investors to obtain legal resident status in the U.S.: https://en.wikipedia.org/wiki/EB-5_visa |
If you read just above (I assume you didn't), I posted the details of the investor visa program and recent changes making it tougher. But what really makes it tougher, as I pointed out already, is much tougher scrutiny of whether the claimed job creation actually happens. There have been a number of projects under the earlier version of this program that flopped and created few or no jobs and political leaders are getting annoyed.
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Bad actors force reform of fraud-plagued EB-5 investor program
BY KIM RILEY | AUGUST 29, 2019 | CITY
Fraud and abuse in the EB-5 Immigrant Investor Program are largely responsible for the recently published final rule in the Federal Register that makes sweeping changes to the program.
U.S. Citizenship and Immigration Services (USCIS), which is overseen by the U.S. Department of Homeland Security (DHS), in late July issued the final rule, marking the first major overhaul of the fifth employment-based preference (EB-5) immigrant visa category.
“The rules bring much needed reforms to the fraud-stricken EB-5 investor visa program,” U.S. Sen. Chuck Grassley (R-IA) recently told Transportation Today . . . .
The ongoing deception in the program, the senator said, points to movement away from its original congressional intent to generate increased U.S. capital investment in economically distressed communities and rural areas around the nation — known as Targeted Employment Areas (TEAs).
What’s been happening is that the EB-5 program has mostly benefited wealthier areas where developer-led gerrymandering — achieved by packaging adjoining Census tracts to create the impression of a TEA — has allowed them to obtain foreign investment, largely from China. “For the better part of a decade, I’ve raised concerns about how the EB-5 program has been abused to steer investment away from rural America,” said Sen. Grassley.
Bad actors have taken advantage of the fact that states have leeway in defining a TEA, a policy gap that the senator says has allowed them to draw maps that define TEAs to conveniently cover wherever they wanted to build another skyscraper . . . .
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https://transportationtodaynews.com/...estor-program/
But beyond this type of abuse, too many projects under this program have turned out to just be boondogles or flops.